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Article I. City of Everett <br /> ARTICLE II. 2060 Housing Trust Fund Agreement <br /> This 2060 Housing Trust Fund Agreement (the"HTF Agreement" or the "Agreement") is entered <br /> into as of the 23rd day of July, 2008 by and between Senior Services of Snohomish County <br /> (hereinafter "the Agency") and Silver Lake Cottages, LLC, (hereinafter "the Owner"), City of <br /> Everett (hereinafter "the City") to undertake that certain housing project (hereinafter "the <br /> Project") referred to as Silver Lake Cottages Acquisition at 10801,10803, 10805, 10807, <br /> 108011 16th Avenue SE, Everett, WA 98208 ("the Premises"). <br /> RECITALS: <br /> A. The Agency is a non-profit corporation organized and existing under the laws of the State of <br /> Washington. <br /> B. The City is a political subdivision of the State of Washington. <br /> C. The City has available in its 2060 Housing Trust Fund certain money to be used to support <br /> housing projects or units within housing projects that are affordable to Very Low-Income <br /> persons. "Very Low-Income" means income at or below fifty percent (50%) of the area <br /> median income. <br /> D. The Agency and City desire that the Premises be used for the provision of affordable <br /> housing to Very Low-Income persons on a continuous, uninterrupted basis until July 30, <br /> 2033. <br /> E. By Resolution No. 5621 passed May 11, 2005, the City Council of the City of Everett <br /> authorized funding from the 2060 Housing Trust Fund for the Project, more fully described in <br /> Exhibit A attached hereto and incorporated herein by this reference, in an amount not to <br /> exceed $200,000.00. <br /> NOW, THEREFORE, in consideration of their mutual promises herein contained, the parties <br /> hereto agree as follows: <br /> I. LOAN TERMS <br /> A. The Loan <br /> The Agency is hereby provided a 3% compound interest loan in an amount not to <br /> exceed $200,000.00 (the "Loan"). The Loan shall be due and repaid in full on or <br /> before July 30, 2033. <br /> B. Security for the Loan <br /> The Loan shall be evidenced by a non-recourse Promissory Note in the form of <br /> Exhibit B attached hereto and incorporated herein by this reference. The <br /> obligations of the Agency under the Promissory Note, as well as all its rights and <br /> obligations under this HTF Agreement, shall be assigned to Silver Lake <br /> A 3 <br /> Page 1 of 13 <br />